A long-awaited redevelopment project was approved for Montgomery County on Tuesday.
VIVA White Oak is a potential $2.8 billion mixed-use development project that would be located on 300 acres near the FDA headquarters in Silver Spring, Maryland.
The resolution passed on Tuesday would provide the VIVA White Oak project with a special tax to backstop anticipated Tax Increment Finance (TIF) bonds.
The resolution authorized $420 million in limited obligation TIF bonds. The TIF bonds would allow future property tax revenue from the development to cover the cost of roads, utilities and other parts of the VIVA White Oak project, according to the resolution.
Click here to read the rest of the article written by Sarah Beth Guevara over at WJLA ABC 7 News
